MANILA - Cash remittances, or money sent to the Philippines from abroad through banks, rose 8.6 percent in January to $2.17 billion, the lowest in three months.
Personal remittances, which represent the sum of net compensation, household-to-household transfers in cash and kind, and capital transfers of overseas Filipino workers, grew 8.5 percent to $2.4 billion.
The Philippines is one of the world's largest recipients of remittances, with millions of Filipinos working overseas sending home money that helps power domestic consumption, a key driver of economic growth.
The government had said the peso's weakness to the P50 per dollar level would boost the value of remittances and aid consumption. -- with ABS-CBN News